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Sunrise Shares' largest shareholder raises stake, will launch S$0.017/share general offer
ELECTRICAL products trader and distributor Sunrise Shares' largest shareholder will make a S$0.017 per share general offer for the company after raising his stake past 30 per cent.
Hong Kong-based businessman Wong Siu Fai on Thursday acquired a majority stake in Quality Able, which holds a 4.49 per cent stake in Sunrise. That pushed Mr Wong's direct and deemed stake, which was 29.73 before his acquisition, to 34.22 per cent, making it mandatory for him to make a general offer for the rest of the company's shares.
Mr Wong is a director of Hong Kong Sunrise Holdings, a company incorporated in Hong Kong and mainly engaged in the property, hospitality and investment industries. He acquired the 90 per cent stake in Quality Able for S$122,400.
The general offer for Sunrise will be conditional upon Mr Wong having received valid acceptances to give him a majority stake in Sunrise.
Mr Wong intends to maintain Sunrise’s Catalist listing on the Singapore Exchange, but may undertake a review of the group’s business after the close of the offer to identify “areas in which the strategic direction and operations of the group can be enhanced”.
Sunrise has appointed Novus Corporate Finance as its independent financial adviser.